Ecosystem services as a concept and framework for understanding the way in which nature benefits people has led to a suite of approaches that are increasingly being used to support sustainable management of biodiversity and ecosystems. However, the utility of the ecosystem services framework and associated tools for supporting biodiversity conservation are the subject of ongoing debates among conservationists. In this paper, we discuss several general ways in which ecosystem services approaches are supporting biodiversity conservation, which may not have been possible otherwise. The new opportunities that ecosystem services approaches provide for biodiversity conservation include: the development of broader constituencies for conservation and expanded possibilities to influence decision-making; opportunities to add or create new value to protected areas; and the opportunities to manage ecosystems sustainably outside of protected areas. We also review areas in which ecosystem services approaches may not effectively conserve certain aspects of biodiversity. Areas of particular concern in this regard include: species without utilitarian or economic value; ecological processes that do not directly benefit people; and critical ecological functions that may be undermined in attempts to optimize a target service. Understanding the benefits and limitations of using ecosystem services approaches for achieving biodiversity conservation will help ensure that the finite resources available for biodiversity conservation and sustainable development are used as strategically and effectively as possible to maintain the multiple components of biodiversity and to support human well-being.